Federal Reserve Bank of Chicago President Austan Goolsbee said that as long as inflation continues down toward the central bank’s 2 percent goal, interest rates will be “a lot” lower in 12 to 18 months. But Goolsbee agrees with Fed Chair Jerome Powell that policymakers are not in a hurry to lower borrowing costs.

“As long we keep making progress toward the 2 percent inflation goal, over the next 12 to 18 months rates will be a lot lower than where they are now,” Goolsbee said on CNBC Friday. The Chicago Fed chief said it makes sense to slow rate cuts at some point amid uncertainty over where the neutral rate is—that’s the level where policy neither stimulates nor restrains the economy. “If there’s disagreement of what’s the neutral rate, it does make sense at some point to start slowing how rapidly we’re getting there,” he said. Goolsbee added that interest rates remain restrictive, so there’s still room to cut borrowing costs to a more neutral level.